Brady hurt by acquisition costs

Commodity software solutions provider Brady reported a sharp drop in annual pre-tax profit, following acquisition costs, but said trading to date remains in line with the board's expectations.

Commodity software solutions provider Brady reported a sharp drop in annual pre-tax profit, following acquisition costs, but said trading to date remains in line with the board's expectations.

Brady, which operates in the metals, energy, recycling and soft commodities markets, said it was pleased with its progress in 2012 after 20 significant new licence contracts, a number of installations and upgrades and three new acquisitions.

"The board believes that the group is well placed to deliver further momentum in growth during 2013 and beyond," it said in a statement.

Although there are still concerns about the economic outlook for 2013, Brady said it is optimistic of growth in its underlying markets.

"The group now has a much larger client base, stronger cross-product offering and wider geographic reach in order to take advantage of this opportunity. Brady is seeing the benefits of increased scale and reach," it added.

Total revenue for year ended December 31st 2012 jumped 47% to £28.14m from the same time a year earlier. Pre-tax profit fell to £804,000 during the period from £2.1m the year before.

A dividend of 1.50p has been offered, up 7% from the year earlier.

Looking ahead, the group said now that the two recently acquired businesses have been integrated within Brady Energy, the group expects the year to be very busy.

"We are encouraged by an advanced pipeline which, in monetary terms increased during 2012 and further in early 2013."

CJ

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